Spike Aerospace, a Boston based aerospace company, is working on a new aircraft that it believes will be the fastest business jet in the world. The aircraft is called the S-512 and Spike says that the jet will be capable of cruising at Mach 1.6 and will have a max speed of Mach 1.8. (Video)

That supersonic speed means that the aircraft, capable of carrying 18 people, will be able to rocket from New York to London in three to four hours. The trip currently takes six to seven hours inside most aircraft. Spike Aerospace certainly has the talent to build the jet, which is in the design and development stage right now.

The company boasts engineers with experience from Gulfstream, Eclipse, and Airbus. The aircraft will be as luxurious as you would expect of a jet costing up to $80 million dollars. The aircraft would have a range of 4000 nautical miles. It measures 131-feet long and has a 60-foot wingspan with a cabin measuring 40 feet long and 6-feet 2-inches high and wide.

One of the biggest challenges with supersonic civilian aircraft is the FAA regulations governing sonic booms. Spike admits that getting the sonic boom into acceptable levels will be a major challenge in the design of the aircraft. The company hopes the aircraft will be ready to deliver to customers in December 2018. More details on the aircraft are promised in early 2014.